Lisheng Sports (hanghai) Co., Ltd. announced a private placement to issue 48,014,200 A shares for an aggregate gross proceeds of not more than CNY 600,000,000 n April 23, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the 18th meeting of the 4th directorate of the company and is subject to the approval of Shenzhen stock exchange and the China securities regulatory commission.